- Prudential (SGX:K6S)'s 1H24 VNB (value of new business) rose 8% y-o-y to US$1.5bn, missing teen growth expectations mainly from soft HK and China sales momentum
- Adjusted operating profit rose by 9% y-o-y to US$1.5bn, a small beat of 3%, benefiting from its asset management arm’s strong growth
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Investment Thesis
- Well-positioned to capture structural life insurance opportunities in the fast-growing Asian market. Markets with Prudential’s footprints are growing twice as fast as the rest of the world; the rapidly rising middle-class population in Asia is expected to increase the awareness and demand for protection and wealth management solutions.
- We believe Prudential is well positioned to capture the structural life insurance opportunities in the fast-growing Asian market by leveraging its market leadership across Asia and Africa and productive multi-distribution channels in four focused regions: Greater China, ASEAN, India, and Africa.
Ambitious targets to 2027.
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- Its organisational model is reshaped to empower local market CEOs and enhance group-wide technology platforms and high-performance culture.
VNB to recover 2H24F and onward.
- Read more at SGinvestors.io.
